Speaker of HoK says he cannot support Treasury's plan
Rushen MHK Juan Watterson says he is unable to support the Isle of Man Budget 2025, and has made his 'annual plea' for more transparency over the process.
The Speaker of the House of Keys is the first to give his reaction to Treasury Minister Alex Allinson's Pink Book for the 2025/26 financial year.
Among the key points; the higher rate of Income Tax has been cut from 22 percent to 21 percent and the personal allowance has been raised by £250 for individuals and £500 for jointly assessed couples.
National Insurance thresholds are being altered which Treasury claims will mean ‘more take-home pay for many’.
But Mr Watterson says the 'squeezed middle' are once again 'hardest hit:
"This is a take it or leave it budgetary system. Balancing the books seems perpetually beyond the five year target." - Juan Watterson
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